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"the partnership is born by agreement or contract ."discuss this statement with conclusion?
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"the partnership is born by agreement or contract ."discuss this state...
The Partnership is Born by Agreement or Contract
Partnership is a type of business organization where two or more individuals come together to carry on a business. The partnership is born by agreement or contract between the partners. This statement is true because an agreement or contract is necessary to establish the partnership and govern the relationship between the partners.
Agreement in Partnership
The agreement is a verbal or written agreement between the partners that outlines the terms and conditions of the partnership. The agreement should include the following:
- The name of the partnership
- The names of the partners
- The purpose of the partnership
- The contributions of each partner (capital, labor, skills, etc.)
- The distribution of profits and losses
- The management and decision-making process
- The duration of the partnership
- The process for admission and withdrawal of partners
The agreement should be signed by all partners and should be reviewed and updated periodically to reflect any changes in the partnership.
Contract in Partnership
A contract is a legally binding agreement between the partners that outlines the terms and conditions of the partnership. The contract should include the same information as the agreement, but it is more detailed and formal.
The contract should be drafted by a lawyer and should be signed by all partners. It should also be reviewed and updated periodically to reflect any changes in the partnership or the legal environment.
Conclusion
In conclusion, the partnership is born by agreement or contract between the partners. The agreement or contract is necessary to establish the partnership and govern the relationship between the partners. The agreement should be a verbal or written agreement that outlines the terms and conditions of the partnership, while the contract should be a legally binding agreement that is more detailed and formal. Both the agreement and contract should be reviewed and updated periodically to reflect any changes in the partnership.
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"the partnership is born by agreement or contract ."discuss this state...
Agreement
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"the partnership is born by agreement or contract ."discuss this statement with conclusion?
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"the partnership is born by agreement or contract ."discuss this statement with conclusion? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about "the partnership is born by agreement or contract ."discuss this statement with conclusion? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for "the partnership is born by agreement or contract ."discuss this statement with conclusion?.
"the partnership is born by agreement or contract ."discuss this statement with conclusion? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about "the partnership is born by agreement or contract ."discuss this statement with conclusion? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for "the partnership is born by agreement or contract ."discuss this statement with conclusion?.
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